Published on 5/24/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $6.73 million 8.83% airbag autocallables linked to Cobalt
By Angela McDaniels
Tacoma, Wash., May 24 - Royal Bank of Canada priced $6.73 million of 8.83% airbag autocallable yield optimization notes due May 30, 2014 linked to the common stock of Cobalt International Energy, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called automatically at par if Cobalt shares close at or above the initial share price on Aug. 27, 2013, Nov. 25, 2013, Feb. 25, 2014 or May 22, 2014.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Cobalt shares equal to $1,000 divided by the conversion price. The conversion price is 75% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets LLC are the underwriters.
Issuer: | Royal Bank of Canada
|
Issue: | Airbag autocallable yield optimization notes
|
Underlying stock: | Cobalt International Energy, Inc. (Symbol: CIE)
|
Amount: | $6,732,000
|
Maturity: | May 30, 2014
|
Coupon: | 8.83%, payable monthly
|
Price: | Par
|
Payout at maturity: | If final share price is less than conversion price, number of Cobalt shares equal to $1,000 divided by conversion price; otherwise, par
|
Call: | Automatically at par if Cobalt shares close at or above initial share price on Aug. 27, 2013, Nov. 25, 2013, Feb. 25, 2014 or May 22, 2014
|
Initial share price: | $26.76
|
Conversion price: | $20.07, 75% of initial share price
|
Pricing date: | May 22
|
Settlement date: | May 31
|
Underwriters: | UBS Financial Services Inc. and RBC Capital Markets LLC
|
Fees: | 1.5%
|
Cusip: | 78008Y616
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.